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At the beginning of the year, accounts receivable were $45,000 and the allowance for bad...

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Accounting

At the beginning of the year, accounts receivable were $45,000 and the allowance for bad debts was $4,200. During the year, sales (all on account) were $180,000, cash collections were $165,000, bad debts expense totaled $3,100, and $2,600 of accounts receivable were written off as bad debts.

The balance at the end of the year for the Allowance for Bad Debts account was:

Multiple Choice

  • $1,600.

  • $4,700.

  • $7,300.

  • $3,700.

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